Asian Citrus figures bloom

Orange grower Asian Citrus managed to squeeze plenty of juice out of its plantations in the second half of last year.

The group anticipates that it will report "significant increases" in its turnover and cash generated from operations for the six months ended December 31st.

Core net profit before net gains on change in fair value of biological assets and share based payments are also set to be significantly higher.

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The improvements are the result of a 19.4% increase in winter orange production for the six month period, as well as the increase in average selling price of winter oranges of 3-4% in 2011 as compared to that of 2010.

The results are also attributable to the six months results of BPG Food and Beverage, which are consolidated into the group's results for the six months ended December 31st, compared to just one month's results of BPG being consolidated into the group's results at the interim stage in 2010.

However, it was not all good news as there was no transfer of infant trees to orange trees during the six month period, meaning the net gain on the change in fair value of biological assets is anticipated to be substantially lower than the amount in the comparable period last year.

The share price rose 4.79% to 38.25p by 12:25.

NR